Of the 9 electricity retailers in Singapore’s Open Electricity Market (OEM) right now, Geneco has obtained to be probably the most aggressive firms.
In the previous, they pioneered market-first plans akin to a 36-month mounted fee plan and a plan providing free electricity on Sundays (June 5).
So, do Geneco Singapore’s electricity plans stay as much as the hype? Let’s take an neutral take a look at their electricity plan choices and discover out which of them are greatest for who.
1. Geneco electricity plans evaluate
Geneco electricity plan
Price
Contract length
Geneco Give Us A Try
$0.2980
Six months
Geneco Get It Fixed 12
$0.2890
12 months
Geneco Get It Fixed 24
$0.2880
24 months
Geneco has three electricity plans, specifically a six-month trial (Give Us A Try), Get It Fixed 12 months, and Get It Fixed 24 months.
While most electricity retailers not provide cheaper charges for longer dedication plans, Geneco proceed to supply a few of the most cost-effective charges for his or her Get It Fixed 24-month plan.
In reality, as of time of writing, Geneco’s 24 month value plan is the most cost effective electricity plan in Singapore at $0.2880/kWh – an entire lot cheaper than SP Group’s present $0.2990/kWh fee.
2. Geneco Singapore: Fees and prices
All Geneco plans do not need hidden charges (e.g. admin payment, transmission loss prices), however there’s a safety deposit starting from $50 to $220 required for the time being. There are charges, although, for early termination, late cost, auto cost (akin to bank card or GIRO) failure, and many others.
Here are all of Geneco’s charges as said of their factsheets:
Geneco charges
Fee
Registration payment
$0
Security deposit
$50 to $220
Late cost cost
1 per cent of unpaid steadiness
Early termination cost
$10 to $75
Auto cost deduction failure payment
$2.14
Account closure payment
$10.70
Changes to contract
$5.35
If you like amassing and utilizing promo codes, do observe that the promotion invoice rebates that you have used at Geneco could also be taken again by them if you happen to terminate your contract early.
3. Geneco mounted value plans
Fixed value plans are the most cost effective electricity plans available on the market proper now. As the title suggests, you will be charged at a set fee per kWh used for your complete length of your contract. (In distinction, low cost off tariff plans which might be tied to the floating electricity tariff can get roughly costly each quarter.)
Geneco has two mounted value plans, and one trial plan:
Geneco electricity plan
Price
Contract length
Geneco Give Us A Try
$0.2980/kWh
Six months
Geneco Get It Fixed 12
$0.2890/kWh
12 months
Geneco Get It Fixed 24
$0.2880/kWh
24 months
Although barely dearer at $0.2980/kWh, the Geneco Give Us A Try is their six-month low-commitment plan for individuals who are apprehensive about switching to a non-public electricity retailer.
After the contract interval ends, your contract will probably be routinely renewed for an additional six months, however Geneco makes no guarantees on what the brand new fee will probably be. You’ll simply be notified of the brand new fee 10 days earlier than your contract expires so you’ll be able to resolve whether or not to terminate your contract or not.
For the opposite Get It Fixed 12 month and Get It Fixed 24 month plan, Geneco gives fairly engaging charges at $0.2890/kWh and $0.2880/kWh respectively.
Geneco’s Get It Fixed 36 month mounted value plan has since been phased out.
4. Geneco Get It Green (ceased)
Props to Geneco for providing a “inexperienced” choice amongst its electricity plans. The Get It Green plan was a 12-month contract that costed a bit of greater than Get It Less.
Here’s the worth for Geneco’s Get It Green when it nonetheless existed:
Geneco electricity plan
Price per kWh
Contract length
Geneco Get It Green
20.33 cents
12 months
With this plan, the electricity you used was supposedly be 100 per cent carbon impartial. There wasn’t a lot of a proof on the positioning, however from studying the FAQ I gathered that Geneco equipped electricity in the identical manner, besides it additionally purchased carbon credit underneath the Verra programme to offset your consumption.
Note, although, that this wasn’t the most cost effective 100 per cent carbon impartial electricity plan available on the market. For instance, ES Power additionally supplied a 24-month inexperienced plan at a less expensive fee of 18.45 cents per kWh again then.
As of June 2022, the most cost effective carbon impartial and photo voltaic electricity plans available on the market are Senoko’s LifeGreen24 and LifePower12, and Sembcorp Power’s Sunshine Plan.
5. Geneco low cost off tariff plan (ceased)
The different main sort of electricity plan that Geneco used to supply is a reduction off the electricity tariff, which is about quarterly by the Energy Market Authority.
Here have been the charges when Geneco’s low cost off tariff plans nonetheless existed:
Geneco electricity plan
Price per kWh
Contract length
Geneco Get It Less 24
22 per cent off tariff = now 19.02 cents
24 months
Called Get It Less 24, this was a 24-month contract the place you will be charged a normal low cost of twenty-two per cent off the tariff (i.e. no matter SP Group was charging).
The electricity tariff is actually a floating fee that may go up or down. It dipped barely in April 2019, but it surely’s actually laborious to foretell if it’s going to go up or down since there are all types of world components that come into play.
In Q2 2019, the tariff is 24.39 cents per kWh. If you opted for the Geneco low cost off tariff plan, you’ll have paid 22 per cent off this fee, which made your fee 19.02 cents per kWh.
This sort of pricing was for individuals who prefer to play protected, as a result of there isn’t any likelihood of you “shedding out” if the tariff falls.
Even if the tariff rises, you will nonetheless save fairly some huge cash in comparison with going with SP. But, observe that the low cost of twenty-two per cent again then wasn’t the most effective available on the market – there have been different firms providing as a lot as 25 per cent off in 2019. Woo!
6. Geneco free electricity on Sundays (ceased)
You may need seen the adverts for Geneco’s free electricity on Sundays plan up to now:
Geneco electricity plan
Price per kWh
Contract length
Geneco Get Free Sundays
22.50 cents from Monday to Saturday
24 months
I’m fairly certain that this one was principally a advertising and marketing gimmick, as a result of the speed of twenty-two.50 cents per kWh was a lot greater than the usual fee (17.78 cents) again then. I imply, how a lot are you able to realistically save?
While it sounded fairly doable to spend all of Sunday doing energy-intensive chores like washing and drying garments, meal prepping (assuming you employ electricity for cooking), and even washing dishes (if you happen to use a dishwasher), the issue is that the majority of electricity consumption is not the type you’ll be able to unfold out. Think stuff like lights, aircon, and bathe water heaters.
Also, observe that you do not essentially get your precise Sunday utilization discounted off the invoice with this plan. You have to receive and set up an AMI meter at a “nominal payment”, in any other case, it’s going to simply be based mostly on a nationwide estimate offered by the EMA.
7. Geneco referral code
When you join a Geneco electricity plan, your cell phone quantity will routinely grow to be your referral code.
If you have got a good friend on the lookout for an electricity retailer, you’ll be able to ask your good friend to sort in your cell phone quantity within the referral code subject of their software.
This cell phone quantity referral code system is actually handy ‘trigger of us like me are all the time messing up the alphabets in promo codes and what not.
And when your good friend has efficiently registered, you will get $20 in invoice rebates. Your good friend will, too, get a $20 invoice rebate of their freshly opened Geneco account. Fair and straightforward, proper?
8. Geneco promotion and promo codes
Ready to enroll? Geneco has a bunch of promo codes and bank card promotions that you may make use of.
The ones under are nonetheless legitimate, however please examine the phrases and situations, particularly for the bank card promos which can require you to arrange a recurring cost instruction together with your card.
Geneco promo code
Promotion
Expiry
STACK50
$50 invoice rebate whenever you’re new to Geneco and apply for Get It Fixed 24 plan on-line (2,000 clients solely)
July 31, 22
–
$35 invoice rebate whenever you pay recurring Geneco 24-month plan payments with HSBC bank cards (800 clients solely)
July 31, 22
–
$10 invoice rebate whenever you pay recurring Geneco 12-month plan payments with HSBC bank cards (800 clients solely)
July 31, 22
–
$30 invoice rebate whenever you pay recurring Geneco 24-month plan payments with Citibank bank cards (500 clients solely)
July 31, 22
–
$10 invoice rebate whenever you pay recurring Geneco 12-month plan payments with Citibank bank cards (500 clients solely)
July 31, 22
–
$30 invoice rebate whenever you apply for brand spanking new Geneco 24-month plan and pay recurring payments with OCBC bank cards (260 clients solely)
July 31, 22
–
$20 invoice rebate whenever you apply for brand spanking new Geneco 24-month plan and pay recurring payments with UOB bank cards (100 clients solely)
June 30, 22
–
Three per cent money rebate when pay recurring Geneco payments with POSB Everyday Card (capped at each day $3 per thirty days)
POSB Everyday Card
Up to 10 per cent money rebates on meals supply
Up to a few per cent money rebates on utilities and telecommunications invoice funds
Up to 21.8 per cent gas financial savings at SPC
Online Promo: Get $150 cashback whenever you apply with promo code 150CASH and make the min. spend of $800 inside 60 days of card approval. Valid until June 30, 2022. T&Cs apply.
UOB One Card
Up to 10 per cent rebate on Shopee, Dairy Farm Group, Grab, SP and extra
$300 rebate cap per quarter
$2000 min. spend per thirty days, per quarter
Cash again options
Up to 5 per cent money rebate on all spend for spend above $2,000/month per quarter (as much as 3.33 per cent money rebate for spend of $500 or $1,000 month-to-month)
UOB EVOL Credit Card
Up to eight per cent on on-line and cellular contactless spend
Up to $60 money again cap per thirty days
$600 min. spend per thirty days
Key options
Enjoy first 12 months payment waiver and subsequently no annual payment with three transactions month-to-month
Up to 2.5 per cent p.a. curiosity together with your UOB One Account whenever you spend on UOB YOLO (Insured as much as $75k by SDIC)
Southeast Asia’s first bio-sourced card with a collection of sustainable offers
ALSO READ: UOB One account evaluate: Go for it if you happen to hate maths
This article was first revealed in MoneySmart.
https://www.asiaone.com/lifestyle/geneco-singapore-review-all-prices-electricity-plans-and-promotions
